Food brinkmanship in US

Governmental control over the world’s food production was illustrated in the run-up to the ‘fiscal cliff’ in the US.

Over Christmas, money managers watched as the danger of a sharp decline in the US budget deficit increased daily — threatening a compulsory 50% deficit reduction that would trigger a mild recession in the US.

But the 11th-hour passage of the American Taxpayer Relief Act of 2012 saved the day — and world relief was reflected in the biggest stock market surge in six months.